There are many problems in many industries but often we are finding media seeing large corporations make a fortune while the producers of content lose out. Wemark is aiming to change that initially in photographs where you find the media is not only finding the photographers getting poorly paid. But also the ownership and where the photographs are used is out of the control of the photographer.
Wemark is not about becoming another centralized giant of media but using its protocol to carry out the transactions between buyer and producer. This eliminates the need for a third party due to the use of contracts that are held on the blockchain with full transparency. Instead allowing buyers and sellers to focus on digital media. This also reduces costs and fees to all parties concerned, as the tokens can be utilized directly which also removes some of the issues around transaction fees, currency conversions, and other problems. But ultimately instead of the Getty images and others of this world taking as much as 85% of the revenue generated for images. The photographer would gain this money themselves which helps support and grow a massive industry that has a strong demand from both customers and creators. Yet removing some of the greed from the pie allows more money to be invested by the creators in their equipment, locations, and generally a better ROI. At the same time, buyers will have a stronger connection with the people producing the content.
As I mentioned earlier this starts with photography and the market that see’s Getty Images and Stock photos dominated by large corporations making a fortune at the cost of creators. But then expands into the music industry, e-book industry, and others which all have a lot of creators willing to get onboard. As quite simply they are all going to more than double their current money made because of the way Wemark works. This includes the fact the fees are currently set at 15%. I would assume this could go down in the future as mass adoption takes hold and it no longer needs to push affiliate marketing and general advertising.
Which in essence won’t be that long until we see mass adoption as the system is already accessible and you can upload your own photos already. However, due to the niche’s this operates in the word of mouth is an extremely powerful thing that will see some solid movements of people that get on board. As many of the content, they already produce hasn’t got an “exclusive” lock-in. Which means they can sell in more than one place at a time. But also the adoption will grow faster because the content selection will grow rapidly. Followed by the fact that you are likely to see content creators beginning to dump their less paying middle parties as Wemark begins to deliver a large amount of regular paying customers.
Part of the crypto space that interests me is that which looks to revolutionize and change something that already exists, I am not that into cryptocurrency investment. Although the competition may be fierce it doesn’t always matter if the way things are being done is completely different. As in this case utilizing contracts as payments and removing the third party in the middle taking the lion’s share. Changes the dynamic of digital media without trying to create something from scratch that has to find a market or a technology that needs to be created. Instead utilizing an existing business model and Ethereum blockchain to create a massive opportunity for business growth.